Following a Market-Wide Move to the Upside and a Series of Whale Purchases, Fartcoin (FARTCOIN) Is Back Above $1 for the First Time

By: Solaxy Team Updated Apr 25, 2024 at 1:14 a.m. PDT

Fartcoin (FARTCOIN) price surged above $1 on Thursday, marking a new high since late January as it continues to trade in the green. The token's move above a $1 billion market cap puts a spotlight on it and other Solana-based meme tokens.

Investors are also showing increasing interest in a presale that could help Solana's mainnet deal with its congestion issues.

Launched in late October, Fartcoin is one of the first to have its concept created by an AI agent. Its creator used the Truth Terminal to come up with the project. On launch, it benefited from the buying frenzy triggered by the election of Trump's pro-crypto administration. The hype surrounding AI meme coins also helped it surge.

Quickly gaining traction, Fartcoin blew past the $1 mark for the first time in December. This meme coin reached its ATH of $2.61 in late January. Like most tokens, Fartcoin faced a steep decline since then. It traded 59.26% below its ATH, even after its tremendous soar this week.

The token's monthly price action reflected uncertainty in its culture-driven community until mid-April. This token fluctuated between $0.5 and the critical support level of $0.35. Fartcoin visited that support in the first week of April.

However, bouncing from $0.35, Fartcoin took just two weeks to enter the $0.9 range. Fueled by whale purchases, this meme coin surpassed that range on April 22nd. Lookonchain reports that three whale-owned wallets swapped $6.25 million worth of USDC into Fartcoin before it soared above $1, following a $2.47 million sell-off just a day before.

Despite the impressive soar, Fartcoin still boasts a somewhat neutral Relative Strength Index (RSI) of 62.63. It means there's still room to grow before it hits the overbought levels.

However, its long/short ratio immediately dipped from 1 to 0.7 between April 21st and 22nd. That indicated more traders are shorting the token following the soar. Crypto expert RookieXBT believes Fartcoin can keep climbing the meme coin market ladder until it flips Shiba Inu (SHIB).

Technical analyst Altcoin Sherpa has more modest expectations, anticipating a surge to the $1.3 level for Fartcoin. That surge could position it for further gains.

Fartcoin flipped Bonk (BONK) and reclaimed its spot as the fifth-largest meme token. Now, it boasts the largest gains among the market's leading Solana-based tokens over the past 30 days. It recorded a 108.7% increase.

Popcat (POPCAT) and Cat in a Dog’s World (MEW) are following it with 45% and 25% gains, respectively. It reflects the strength of Solana's meme token space during a relatively slow market.

Solaxy Could Be Next To Explode Following the Release of Its Layer 2 Blockchain

With $31 million already raised since its inception in December, Solaxy (SOLX) is on the path to becoming one of the largest meme coin presales in recent history.

The project is revolving around its upcoming Layer-2 blockchain, which is designed to improve Solana's scalability by bundling transactions and processing them off-chain. Users won't have to worry about security either. All transactions will finalize on Solana's mainnet after passing through a multi-layered verification process.

That means investors can expect lower gas fees and faster transactions that aren't prone to failing during high-traffic hours. There is also exciting news for token developers.

Plus, it's just one part of a larger ecosystem, which is expected to have a token launchpad and cross-chain transfers between Ethereum, Base, and Solana, with its block explorer's testnet version already live.

The team of experts behind 99Bitcoins believes Solaxy is ready to soar by 10x on launch. They advise their audience to add the token to their portfolios while it's still at a discount.

They've also pointed out that early backers can maximize their investment by taking advantage of the project's impressive 134% staking APY during the presale. Currently, SOLX costs $0.001702 each. However, its price could reach $0.00179 by the end of the presale. Therefore, now is the best time to start accumulating the token.